Egypt’s profits from Sokary Gold Mine over past decade are $550M

General Manager of Centamin Egypt Youssef al-Raghy told Al Mal newspaper Tuesday that the Egyptian government’s profits from Sokary Gold Mine have recorded $550 million since 2010.

The 1994 deal between the Australian company and the Mineral Wealth Authority provides that the former finances the project paying the latter 55 percent of the profits and 3 percent of revenues as royalty fees.

Currently, the company is working towards the target of producing 400,000 and 430,000 gold bars by the end of 2021. The size of production achieved last year is 452,000 gold bars.